Twitter’s Chief Operating Officer Resigns

Twitter Inc’s (TWTR.N) Chief Operating Officer Anthony Noto has resigned to join online lender Social Finance Inc (SoFi) as its chief executive officer.

His departure comes at a time when the social media company is in the middle of a turnaround plan, sending the shares of the owner of a microblogging site down as much as 3.9 percent.

After leading Twitter’s successful IPO in 2013 as a Goldman Sachs banker, Noto joined the company the next year as its chief financial officer. In 2016, he replaced Adam Bain as COO to lead Twitter’s business and revenue generating operations when Bain quit.

“Anthony has been an incredible advocate for Twitter and a trusted partner to me and our leadership team,” Twitter CEO Jack Dorsey said in a statement. We wish him all the best.